Transferring from Single to Joint ownership

SuzieGirl

Hello

I currently own a leasehold flat. My partner is buying half of it from me and together we are going to keep it as an investment property. We are jointly taking out a Let to Buy mortgage to raise the deposit for a new home. The flat is valued at £110000

I am shocked at the solicitors charge for the transfer of equity in the flat! What do you all think?

Transfer of Equity & Remortgage

Legal fees £ 375.00

VAT @ 20% £ 75.00

Local/water & drainage searches £ 200.00*

Stamp Duty £ NIL

Completion of stamp duty form £ 78.00

Land Registry registration fee £ 200.00

Land Registry search fees £ 8.00

Bank telegraphic transfer fee £ 38.40

Landlords notice fee £ 75.00**

Total budget £ 1049.40

Please note, *for the transfer of equity and remortgage it may not be necessary to carry out these searches, the lender may accept search indemnity insurance but I will not be able to confirm this until I have seen the offer. The indemnity insurance is usually much cheaper than the search, at around £40.00.

Although there is no stamp duty payable in respect of the transfer of equity and remortgage, we are still required to complete the stamp duty land tax return form and submit this to the Inland Revenue.

As the property is leasehold, we will be required to serve a notice on your freeholder following completion of the transfer of ownership and new mortgage, the fee for this is usually set out in the lease and I have provided an estimated figure above.

Further, as the property is leasehold, we will need to obtain some information from your freeholder on behalf of the new lender, such as the last 3 years accounts, a copy of the buildings insurance etc, most freeholders charge a fee for providing this information but I will not know what this is until we request it. I would estimate around £150.00 for this which should be added to the above quotation."

timmyt

SuzieGirl wrote: »

Hello

I currently own a leasehold flat. My partner is buying half of it from me and together we are going to keep it as an investment property. We are jointly taking out a Let to Buy mortgage to raise the deposit for a new home. The flat is valued at £110000

I am shocked at the solicitors charge for the transfer of equity in the flat! What do you all think?

IT all looks ok in fact, so see below:


Transfer of Equity & Remortgage

Legal fees £ 375.00 that is usual

VAT @ 20% £ 75.00

Local/water & drainage searches £ 200.00* you dont do searches EVER on a remortgage

Stamp Duty £ NIL

Completion of stamp duty form £ 78.00 daft lawyer, why on earth do they separate this out from their £375, as it is pure prfit and they are required to do this form by the Lender. So the legals are now £453, which is still ok, for a Transfer and remortgage

Land Registry registration fee £ 200.00

Land Registry search fees £ 8.00

Bank telegraphic transfer fee £ 38.40

Landlords notice fee £ 75.00** it is whatever the lease/landlord says it is

Total budget £ 1049.40

Please note, *for the transfer of equity and remortgage it may not be necessary to carry out these searches, the lender may accept search indemnity insurance but I will not be able to confirm this until I have seen the offer. The indemnity insurance is usually much cheaper than the search, at around £40.00. correct

Although there is no stamp duty payable in respect of the transfer of equity and remortgage, we are still required they are indeed to complete the stamp duty land tax return form and submit this to the Inland Revenue.

As the property is leasehold, we will be required to serve a notice on your freeholder following completion of the transfer of ownership and new mortgage, the fee for this is usually set out in the lease and I have provided an estimated figure above. correct

Further, as the property is leasehold, we will need to obtain some information from your freeholder on behalf of the new lender, such as the last 3 years accounts, a copy of the buildings insurance etc, most freeholders charge a fee for providing this information but I will not know what this is until we request it. I would estimate around £150.00 for this which should be added to the above quotation." NO, they only need confirmation that you are up to date with payments.